UK retailer HMV has announced its financial results for the 26 weeks ending October 27th, which show profits of 25.9 million, a big improvement on the 26.1 million loss in the same period last year. Total sales for the period hit 790.2 million, up from the 767.2 million in the same period last year.
Games were highlighted as a particularly strong performer, with sales accounting for 15 per cent of the chain's total – up from nine per cent last year.
Sales for the group were up by a total of 9.5 million, with like-for-like sales growing by 5.0 per cent. Discounting its Waterstones business, HMV UK and Ireland like-for-like sales were up by 9.2 per cent. Net debt also fell from 135.7 million in 2006 to 89.3 million whilst operating loss fell to 21.5 million.
"Less than a year into our three year strategic plan, we are pleased with progress,” chief executive Simon Fox stated. The Group's first half was driven in particular by like for like sales growth in HMV UK and Ireland, where we are successfully exploiting the high growth games and technology categories and increasing our share of music and DVD.
"At this stage, the most important days and weeks of our financial calendar are still ahead of us, and our stores and websites are very well prepared for Christmas."